地方政府赶超压力对辖区企业过度投资的影响  

The Impact of Catch-up Pressure on Overinvestment by Enterprises in the Jurisdiction of Local Governments

作　　者：徐光伟 谭瑾[1] 孙铮 Xu Guangwei;Tan Jin;Sun Zheng(Business School,Changzhou University,Changzhou 213164,China;Postdoctoral Station of Business Administration,Shanghai University of Finance and Economies,Shanghai 200433,China)

机构地区：[1]常州大学商学院,江苏常州213164 [2]上海财经大学工商管理博士后流动站,上海200433

出　　处：《外国经济与管理》2018年第10期122-138,共17页Foreign Economics & Management

基　　金：国家自然科学基金重点项目(71232004);江苏省社会科学基金项目(17GLC010);江苏省高校哲学社会科学研究基金(2017SJB1780)

摘　　要：基于地区之间竞争特殊的经济体制,实证检验了地方政府面临的经济赶超压力对辖区企业过度投资行为的影响,研究发现:(1)地区人均GDP、人均财政收入与辖区企业过度投资程度显著负相关;地区GDP、财政收入排名与辖区企业过度投资程度显著正相关。(2)以土地价格扭曲程度作为中介变量,研究发现经济赶超压力导致土地价格扭曲。在控制土地价格因素后,经济赶超压力对辖区企业过度投资的影响不再显著。土地价格扭曲在经济赶超压力对辖区企业过度投资的影响中起到中介作用。(3)制衡的股权结构、外部市场竞争能够有效制约企业过度投资行为,而具有政治关联的企业过度投资程度更加严重。公司治理、市场竞争、政治关联在经济赶超压力对辖区企业过度投资行为的影响中发挥显著的调节作用。研究为微观企业过度投资的形成以及宏观产能过剩的化解提供了有意义的参考。During the period of economic transition,there is a phenomenon that China experiences a long period of overcapacity and excessive investment.Sustained overcapacity leads to the unbalanced industrial structure,heavy corporate debt,and low economic efficiency.The essence of excess capacity is the overinvestment behavior of micro enterprises.The existing literature has studied the phenomenon of overcapacity and overinvestment,forming two viewpoints：＂market failure＂and＂government failure＂.China has gradually established its own economic system in the period of economic transition.Under the system of fiscal decentralization and political centralization,the contract of China＇s economic system is decomposed into local governments through layer upon layer of contracting.For economic and political reasons,competition among regions at the same level leads to the short-term behavior.Local governments have the motivation and ability to use their resources tointervene in corporate investment activities in their jurisdictions.Based on the special economic system of regional competition,this paper uses the data of listed companies to test the influence of the economic catch-up pressure faced by local governments on the overinvestment behavior of enterprises in the region.Firstly,we select China listed companies as samples during 2002-2015 years,and use three methods to measure the degree of overinvestment.Secondly,we take per capita GDP,per capita fiscal revenue as independent variables to test the impact of local economic catch-up pressure on the overinvestment of enterprises in the area.Then we use land price to measure the distorted degree ofcorrelation between per capita GDP,per capita fiscal revenue and the overinvestment level of enterprises.There is a significant positive correlation between the ranking of GDP,fiscal revenue and the overinvestment level.（2）Economic catch-up pressure causes land price distortion.Land price distortion plays an intermediary role in the influence of economic catch-up pressure

关 键 词：赶超压力 过度投资 产能过剩 地区竞争 

分 类 号：F270[经济管理—企业管理]